Belarus Transits To Cryptocurrency Accounting Standard

The Belarusian president decrees that the cryptocurrency would be regulated. This is coming days before legalizing cryptocurrency activities which has led to the adoption of cryptocurrency accounting standard. The document explains the necessary requirements companies would make available to the government.

The Finance minstry book keeping has been cryptocurrency enabled; meaning that cryptocurrency transactions can and would be monitored giving room for proper documentation and reporting flow of cryptocurrency.

The obligations of organizations conducting token sales and the exact approaches to assessing the cost of “digital tokens” are also defined in the Ministry’s decree. The rules apply to private entities and not the state-owned banks or government institutions, the department clarified in an announcement quoted by Belta news agency.

The intended use and their acquisition of cryptocurrency are the classification for the new standard. Tokens acquired through initial coin offerings (ICOs) are referred to as investments. They should be debited as either “Long-term financial investments”, if their circulation period exceeds 12 months, or as “Short-term financial investments”. Their amounts must be credited in the accounting balance under “Settlements with different debtors and creditors” and “Other income and expenses”.

If the tokens are purchased for subsequent sale, by a trader or an exchange, they have to be reported in the “Goods” debit account and under the following credit accounts: “Settlements with suppliers and contractors” and “Income and expenses for current activities”. Digital tokens acquired as a result of mining operations or as remuneration for verification of crypto transactions are to be recorded under the “Finished goods” debit account and also as “Main activities” in the credit section of the balance.

Shipping news magazine Dry Bulk on Tuesday, February 5th reports that international metal and oil mining giant BHP has successfully tested blockchain in a conjoint experiment with Japanese shipping company NYK.

BLOC — a developer of blockchain applications for the maritime industry — built the decentralized ecosystem for the trace and Sustainable biofuel company GoodFuels provided its product for the experiment.

For the testing was the GoodFuels biofuel was delivered to the BHP-chartered and NYK-owned bulk carrier Frontier Sky, while carbon dioxide (CO2) savings were verified via a blockchain fuels assurance platform.

As reported by cointelegraph Dry Bulk explained that, the sustainable biofuel used in the experiment serves as an alternative to traditional fossil-based marine gasoil, allowing for the reduction of CO2 greenhouse gas emissions equivalent to over 125,000 miles driven by a car.

According to the magazine, the joint delivery is an important step for BHP and NYK in terms of global decarbonization policy. Blockchain, in its turn, could help the industry to verify supply chains, making sure that only sustainable fuel is used during the shipping process and that the origin, emission reductions and fuel quality metrics are transparent and easy to trace.

it is no news that blockchain has gained a significant level of adoption in the maritime industry, with major ports and shipping companies using the technology to support supply chains and trace shipments.

Can this qualify as blockchain adoption at Multinational level? letshave your opinion on this. is blockchain adoption viable in the marine industry?

Funding Has Arrived For Blockchain Start-Ups In Africa

Binance labs, the self-acclaimed strongest network of Builders in blockchain is at it again and this time focuses on the continent with the most need for the blockchain. According to the platform, “Binance Labs is a social impact fund and an initiative to incubate, invest and empower blockchain and cryptocurrecny entrepreneurs, projects and communities”.

Its mission is to realize the full potential of Blockchain technology- and they has already actively involved the Nigeria, most populated nation in Africa.

Great news is that Binance Labs has made open her intention to fund African blockchain start-ups. In a recent post, Binance Labs made available the link to sign up form calling for applications from Blockchain startups in the ecosystem.

“Binance Labs is the best place for blockchain to build thier projects and c=achieve product-market fit. With the african blockchain ecosystem still in its nascent stage, this offers tremendous value to African projects as we are able to plug them into the top one percent of mentors, founders, investors and blockchain-focused service providers from the global Binance network”.

Thus it goes to say that at the end of the this incubation period, all projects successfully on-boarded would have access to over $120,000USD as support funds and a network of industry leaders associated with Binance within and outside the continent.

According to Binance labs, Public Blockchains, Decentralized Exchanges (DEX), Wallets & Payment, Stable Digital Currencies, ATS/Security Token Platforms and dApps are the investment focus in view for this 10 week-long Incubator program

For Entreprenuers, the support packages are Funding, Go-to-market strategy, Token Model and Distribution, Technical Review Listing Advice and Talent Recruiting.

Whats your take on this? do you think it would have a great effect on the adoption in Africa? Does Binance have what it takes to build a Blockchain system the Nigerian government would support?

Related

The year brings forth great news despite the currently trending news on price nose dive in the crypto market. Amongst many, is the great research and recent discovery of new ways financial systems can best provide loans. In clearer terms, it would soon be very possible to carry out loan transactions with your bank directly without the banks having to deal with credit bureaus and any other third-party entity.

According to bloomberg, Spring labs is testing a decentralized peer-to-peer model built from partnership with 16 lenders and Fintech firms, some of which are SoFi, OnDeckCapital and Avant.

The present situation is that banks give out the data of their customers to credit bureaus for free and then have to buy it back as credit reports from these credit bureaus simply because they cannot carry out credit checks as stipulated under current regulatory and competition frameworks. Thus, banks definitely have to deal with third-parties such as Equifax Inc and Experian Plc to disburse loans.

In an interview, Adam Jiwan the CEO of Spring Labs said that the blockchain and its open ledger system would help run the verification processes which the credit bureaus once did. This statement was backed up by the unanimous decision of interest from the 16 lenders lenders who would love to see the peer-to-peer system, which cuts off all third-parties launch successfully.

It is no news that Blockchain can solve a lot of issues for corporate entities if and only if these corporations can identify the use case to which to apply the technology and most importantly if these corporate bodies are going to open their doors to possible partnership with experts in the field, though Spring labs have set the ball rolling.

The technology to be tested uses a “tripple-blind” method of information sharing where nothing relating to the identities of both parties (lender and customer) is made public and at the same time, Spring labs would have no form of access to the information being shared. “This would be made possible by the combined use of cryptography, blockchain and privacy enabling technology”, Jiwan said.

Some incentives in form of digital asset, would be made available to customers so as to get them to provide their information. In the CEO’s words; “ the goal is to pay customers for sharing their information with the native digital asset”.

Furthermore, spring labs intends to drastically reduce fraud with this new model. Also, crowd-sourcing would be the new method of building clientele for banks offering loans instead of just limited exchange between banks and the credit bureaus.

The tests are already ongoing and the launch date for the information sharing and anti-fraud services are slated to be due in the first half of 2019.

Spring labs, has its offices at Chicago and Los Angeles and is advised by former Goldman Sachs president Gary Cohn.

Do you think Spring Labs can pull this off against credit bureau giants like Equifax Inc? Would the Government be in support of this? Share your opinion with us in the comment section below.

Disclaimer:
The Information provided on the website is designed to provide helpful information regarding blockchain and cryptocurrency. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regarding investment into cryptocurrency. We are not liable for any outcome based on any content found on the site.

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The Son of South Africa’s President Aims to Conserve Wildlife with Crypto

Tumelo Ramaphosa, the youngest son of the President of South Africa, President Cyril Ramaphosa is creating innovations through the blockchain and cryptocurrency. Tumelo who has been in the blockchain space since 2010 aims to revolutionise the auction sector as well as conserve wildlife. With his company, StudEx Wildlife, Tumelo is digitizing animals by placing them on the blockchain where each animal can be bred, traded or sold and the value will be shared amongst investors.

StudEx Wildlife aims to turn endangered species to digital tokens. The company has had the plans in motion since 2016, and aims to utilise the funds raised from its Initial Coin Purchase (ICO) to fund a conservation where animals under threats of extinction will be tracked. South African Private Farmers can also reproduce endangered species and auction the animals. StudEx aims to take the auctions to a global level.

Tumelo explained, “In many ways, StudEx is trying to create and decentralize this monopoly that happens in South Africa. You have farms where farmers have their animals, with StudEx we’d be able to raise more funds through initial coin offers on the animals.” He also revealed that the firm aims to acquire industrial drones for the purpose of their conservative objectives. This would aid in tracking animals. He also revealed another aspect of the firm he says, “StudEx is a VR business. We have a VR application in development where you can immerse yourself in the world and see what the drone is seeing.” This would help investors in seeing what they are investing in or the animals they have invested in.”

Tumelo who has been in the crypto space for a while now aims to conserve wildlife and endangered species through its funding system.

What do you think about StudEx Wildlife? Share your opinion with us in the comment section below.

Image credit: pixabay,

Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.